AMF Tjanstepension AB Purchases New Stake in Fifth Third Bancorp (NASDAQ:FITB)

AMF Tjanstepension AB purchased a new stake in shares of Fifth Third Bancorp (NASDAQ:FITB) during the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 224,098 shares of the financial services provider’s stock, valued at approximately $9,477,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Arjuna Capital raised its position in shares of Fifth Third Bancorp by 102.2% during the 4th quarter. Arjuna Capital now owns 17,387 shares of the financial services provider’s stock valued at $735,000 after acquiring an additional 8,786 shares in the last quarter. Davis Selected Advisers raised its position in shares of Fifth Third Bancorp by 0.4% during the 4th quarter. Davis Selected Advisers now owns 2,444,176 shares of the financial services provider’s stock valued at $103,340,000 after acquiring an additional 8,640 shares in the last quarter. PNC Financial Services Group Inc. raised its position in shares of Fifth Third Bancorp by 0.9% during the 4th quarter. PNC Financial Services Group Inc. now owns 263,510 shares of the financial services provider’s stock valued at $11,141,000 after acquiring an additional 2,471 shares in the last quarter. Banco Santander S.A. acquired a new stake in shares of Fifth Third Bancorp during the 4th quarter valued at approximately $357,000. Finally, Andra AP fonden increased its position in Fifth Third Bancorp by 1,645.6% in the fourth quarter. Andra AP fonden now owns 199,000 shares of the financial services provider’s stock worth $8,414,000 after buying an additional 187,600 shares during the period. 83.79% of the stock is owned by institutional investors and hedge funds.

Fifth Third Bancorp Trading Up 0.5 %

Shares of FITB stock opened at $40.06 on Friday. The stock has a 50-day simple moving average of $43.23 and a 200 day simple moving average of $43.79. Fifth Third Bancorp has a fifty-two week low of $33.82 and a fifty-two week high of $49.07. The stock has a market capitalization of $26.66 billion, a P/E ratio of 12.76, a P/E/G ratio of 1.42 and a beta of 1.21. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.82.

Fifth Third Bancorp Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $0.37 per share. The ex-dividend date was Tuesday, December 31st. This represents a $1.48 annualized dividend and a yield of 3.69%. Fifth Third Bancorp’s dividend payout ratio is currently 47.13%.

Insider Activity at Fifth Third Bancorp

In related news, EVP Kevin P. Lavender sold 21,700 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $43.55, for a total transaction of $945,035.00. Following the completion of the transaction, the executive vice president now owns 130,856 shares of the company’s stock, valued at $5,698,778.80. This trade represents a 14.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO James C. Leonard sold 17,200 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $44.26, for a total value of $761,272.00. Following the transaction, the chief operating officer now directly owns 244,487 shares of the company’s stock, valued at $10,820,994.62. This represents a 6.57 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.50% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on FITB shares. Wells Fargo & Company increased their target price on Fifth Third Bancorp from $52.00 to $54.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Piper Sandler reaffirmed an “overweight” rating and issued a $53.00 target price (down from $54.00) on shares of Fifth Third Bancorp in a research report on Wednesday, January 22nd. Truist Financial increased their target price on Fifth Third Bancorp from $51.00 to $52.00 and gave the stock a “buy” rating in a research report on Wednesday, January 22nd. DA Davidson increased their target price on Fifth Third Bancorp from $49.00 to $50.00 and gave the stock a “neutral” rating in a research report on Thursday, January 23rd. Finally, Stephens reaffirmed an “equal weight” rating and issued a $51.00 target price on shares of Fifth Third Bancorp in a research report on Wednesday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $47.31.

Fifth Third Bancorp Profile

Fifth Third Bancorp operates as the bank holding company for Fifth Third Bank, National Association that engages in the provision of a range of financial products and services in the United States. It operates through three segments: Commercial Banking, Consumer and Small Business Banking, and Wealth and Asset Management.